822818--3/11/2008--CLEAN_HARBORS

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{stock, price, share}

{stock, price, operating}

{cost, contract, operation}

{debt, indebtedness, cash}

{cost, regulation, environmental}

{provision, law, control}

{operation, international, foreign}

{capital, credit, financial}

{regulation, government, change}

Risks Relating to Our Business We assumed significant environmental liabilities as part of the acquisition of the CSD assets and Teris LLC, and our financial condition and results of operations would be adversely affected if we were required to pay such liabilities more rapidly or in greater amounts than now estimated. If we are unable to obtain at reasonable cost insurance and financial assurances which are required for our operations, our business and results of operations would be adversely affected. The environmental services industry in which we participate is subject to significant economic and business risks. A significant portion of our business depends upon the demand for major remedial projects and regulatory developments over which we have no control. Seasonality makes it harder for us to manage our business and for investors to evaluate our performance. The extensive environmental regulations to which we are subject may increase our costs and potential liabilities. Future changes in environmental regulations may require us to make significant capital expenditures. If our assumptions relating to expansion of our landfills should prove inaccurate, our results of operations and cash flow could be adversely affected. Other Risks Relating to Our Company and Common Stock Our substantial level of indebtedness and outstanding letters of credit could adversely affect our financial condition and ability to fulfill our obligations. The covenants in our financing agreements restrict our ability to operate our business and might lead to a default under our outstanding debt agreements. We have not paid, and do not anticipate paying for the foreseeable future, dividends on our common stock. Our founder and other directors and executive officers, as a group, will be able to exercise substantial influence over matters submitted to our stockholders for approval. Future sales, or the availability for future sales, of substantial amounts of our common stock could adversely affect the market price of our common stock. The Massachusetts Business Corporation Act and our By-Laws contain certain anti-takeover provisions.

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822818--3/11/2008--CLEAN_HARBORS_INC